World Wrestling Entertainment Profit Slides

Stamford, Conn. -- World Wrestling Entertainment (WWE Quote) said Tuesday its fourth-quarter profit dropped 37% but met analysts' estimates, as the sports entertainment company said it will hold off on expanding and upgrading its media center until economic conditions improve.

Net income declined to $13.6 million, or 18 cents per share, to meet the expectations of analysts surveyed by Thomson Reuters. That compared with a profit of $21.5 million, or 30 cents per share, a year earlier.

For the period ended Dec. 31, revenue slipped 5% to $125.4 million from $132.6 million, mostly on a drop-off in live and televised entertainment revenue.

The results narrowly missed Wall Street's estimate of $125.9 million. ...